Why Nile Funds?

We know Africa.

Our funds allow investors to expand their emerging market exposure by owning companies in this high-growth, resource-rich continent that is primed for a dynamic increase in consumer growth and infrastructure development as well.Our extensive knowledge of the region, along with a proprietary model of evaluation and extensive on-the-ground contacts and resources, enables us to provide compelling strategies for long-term investment.Simply put; we can expand your access to investment opportunities for this undervalued continent. Because we know Africa.

Institutional Class

Nile Africa, Frontier & Emerging (NAFIX)

Investment Philosophy

Our team, led by Portfolio Manager and Chief Investment Officer Larry Seruma, uses proprietary macro-economic research and in-depth fundamental analysis to manage a focused portfolio of common stocks drawn from the emerging and frontier markets of Africa.

Our process begins with an in-depth macro-economic analysis and systematic ranking of all 53 countries on the African continent. This unique proprietary data helps Nile Capital focus on African economies with consistent GDP growth rates, strong balance sheets, and improving demographics with regards to standards of living and personal consumption.

Within selected economies, the Investment Team focuses on finding what we believe to be the highest-quality companies that offer potential for sustained earnings growth, attractive valuations and market liquidity. Our emphasis includes:

• Leading companies with established franchises

• Consistent growth in revenues and earnings

• Strong management teams, business plans and products

We aggregate and analyze "on-the-ground" information about leading African public companies, including research and earnings estimates of local analysts who follow these companies. We also conduct in-depth due diligence to evaluate, select and monitor companies on the continent.

There is no assurance that the fund’s investment objectives or strategies will be achieved or maintained

Meet the Portfolio Manager

Larry Seruma is the Chief Investment Officer and Managing Principal of Nile Capital Management LLC and has over 20 years of investment experience.

Board of Trustees

Our Core Values

1

We believe active management, research and selectivity are key

Africa is a huge, diverse continent, and some promising ideas and concepts face formidable barriers to growth, such as a high cost of capital. We understand these potential risks, and dig deep into a company’s financial statements and operations to uncover opportunities.

2

We believe in Africa’s growth potential

We understand the dynamics that will transform Africa and help to grow its national economies in the 21st century. The investment opportunities that exist there today are similar to those that existed in China, India and other parts of Asia a decade or two ago. We believe growth-minded investors may be rewarded when they recognize opportunities ahead of the crowd.

3

We focus on what we know

In doing so, we seek to identify investment opportunities in regions and industries where we have unique information, experience and a competitive edge. Africa is just such a region.

4

Experience and integrity are essential

Our principals have strong track records of success in investment management while demonstrating a high degree of integrity. Our own money is invested besides that of our investors, and we treat their capital with the same prudence as our own.

Investors should carefully consider the investment objectives, risks, charges and expenses of the Nile Pan Africa Fund. This and other important information about the Fund is contained in the prospectus, which can be obtained by calling 1-877-68-AFRICA. The prospectus should be read carefully before investing. The Nile Pan Africa Fund is distributed by Northern Lights Distributors, LLC. Mutual Funds involve risk, including possible loss of principal. Because the Fund will invest the majority of its assets in African companies, it is highly dependent on the state of the African economy and the financial prospects of specific African companies. Certain African markets are in only the earliest stages of development and may experience political and economic instability, capital market restrictions, unstable governments, weaker economies and less developed legal systems with fewer security holder rights.

Adverse changes in currency exchange rates may erode or reverse any potential gains from the Fund's investments. ETF's are subject to specific risks, depending on the nature of the underlying strategy of the fund. These risks could include liquidity risk, sector risk, as well as risks associated with fixed income securities, real estate investments, and commodities, to name a few. Non-diversification risk, as the Funds are more vulnerable to events affecting a single issuer. Investments in underlying funds that own small and mid-capitalization companies may be more vulnerable than larger, more established organizations. The Fund's exposure to companies primarily engaged in the natural resource markets may subject the Fund to greater volatility than investments in a wider variety of industries.

There is a risk that issuers and counterparties will not make payments on securities and other investments held by the Fund, resulting in losses to the Fund. In general, the price of a fixed income security falls when interest rates rise. The Fund may invest, directly or indirectly, in "junk bonds." Such securities are speculative investments that carry greater risks than higher quality debt securities.